6/19/24, 9:57 AM Assessment 1: Attempt review
UNISA 2024 FAC1501-24-S1 Welcome to FAC1501 Assessment 1
QUIZ
Started on Thursday, 14 March 2024, 3:35 PM
State Finished
Completed on Thursday, 14 March 2024, 3:57 PM
Time taken 22 mins 3 secs
Marks 12.00/25.00
Grade 48.00 out of 100.00
Feedback You have unfortunately failed this assessment. Please work through your
study material again before attempting your next assessment. You are also
welcome to contact your lecturers () if you need
further assistance with grasping certain concepts.
Question 1
Correct
Mark 1.00 out of 1.00
The financial result of an entity is measured by determining the profit or loss over a specific
period.
True
False
Refer to section 3.2
The correct answer is 'True'.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=15682124&cmid=842825 1/6
, 6/19/24, 9:57 AM Assessment 1: Attempt review
Question 2
Partially correct
Mark 3.00 out of 6.00
Swift Construction, located in Gauteng, specializes in constructing tiny homes. The business is
not a registered VAT vendor. In January 2024, Swift Construction had a favourable bank balance.
On 20 January 2024, Swift Construction sold bricks to Motha Builders for R24 700 which was
immediately paid with a business debit card.
REQUIRED:
Analyse the transaction of Swift Construction that took place on 20 January 2024, in tabular
format as follows:
Account to Element Account to Element
Date Amount Amount
be debited debited be credited credited
Example: May 2 Swift Construction purchased inventory for the amount of R5 000
and paid cash. Swift Construction makes use of the periodic inventory system.
R R
May 2 Purchases 5 000 Expense Bank -5 000 Asset
Complete the table below by selecting the account to be debited, the account to be credited
and the element affected on the financial statements (income, expense, assets, equity and
liabilities) from the dropdown menu and filling in the applicable amounts in the correct
spaces.
Please indicate whether the transaction increases or decreases the affected element (income,
expense, assets, equity and liabilities) in the amount column (see instruction 3 and 4 for
examples)
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
Element El
Date Account to be debited Amount Account to be credited Amount
debited cr
R R
Jan
Trade and other receivables control 24700 Asset 24700 Ass
20
Bank
Refer to learning unit 3.2
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=15682124&cmid=842825 2/6
UNISA 2024 FAC1501-24-S1 Welcome to FAC1501 Assessment 1
QUIZ
Started on Thursday, 14 March 2024, 3:35 PM
State Finished
Completed on Thursday, 14 March 2024, 3:57 PM
Time taken 22 mins 3 secs
Marks 12.00/25.00
Grade 48.00 out of 100.00
Feedback You have unfortunately failed this assessment. Please work through your
study material again before attempting your next assessment. You are also
welcome to contact your lecturers () if you need
further assistance with grasping certain concepts.
Question 1
Correct
Mark 1.00 out of 1.00
The financial result of an entity is measured by determining the profit or loss over a specific
period.
True
False
Refer to section 3.2
The correct answer is 'True'.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=15682124&cmid=842825 1/6
, 6/19/24, 9:57 AM Assessment 1: Attempt review
Question 2
Partially correct
Mark 3.00 out of 6.00
Swift Construction, located in Gauteng, specializes in constructing tiny homes. The business is
not a registered VAT vendor. In January 2024, Swift Construction had a favourable bank balance.
On 20 January 2024, Swift Construction sold bricks to Motha Builders for R24 700 which was
immediately paid with a business debit card.
REQUIRED:
Analyse the transaction of Swift Construction that took place on 20 January 2024, in tabular
format as follows:
Account to Element Account to Element
Date Amount Amount
be debited debited be credited credited
Example: May 2 Swift Construction purchased inventory for the amount of R5 000
and paid cash. Swift Construction makes use of the periodic inventory system.
R R
May 2 Purchases 5 000 Expense Bank -5 000 Asset
Complete the table below by selecting the account to be debited, the account to be credited
and the element affected on the financial statements (income, expense, assets, equity and
liabilities) from the dropdown menu and filling in the applicable amounts in the correct
spaces.
Please indicate whether the transaction increases or decreases the affected element (income,
expense, assets, equity and liabilities) in the amount column (see instruction 3 and 4 for
examples)
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
Element El
Date Account to be debited Amount Account to be credited Amount
debited cr
R R
Jan
Trade and other receivables control 24700 Asset 24700 Ass
20
Bank
Refer to learning unit 3.2
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=15682124&cmid=842825 2/6
